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Notice
Board’s Report
Management Discussion & Analysis Corporate Governance Report
Business Responsibility Report
113
3.
Average percentile increase alreadymade in the salaries of employees other than themanagerial personnel in the last financial
year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if
there are any exceptional circumstances for increase in the managerial remuneration:
Employee Group
Average percentage increase / (decrease) in
Salaries for
Fiscal 2017 (in %)
All permanent (Blue collar, SUP, TM & EG)
-
8
White Collar
10
-
Blue collar
4
-
Executive Directors/Managerial Remuneration
Mr Guenter Butschek
-
Mr Ravindra Pisharody
-17
Mr Satish Borwankar
-12
Note:
1.
Salaries for SUP, TM & EG include Total Fixed Pay (TFP) plus the performance pay paid in Fiscal 2016.
2.
Salaries for blue collar includes only TFP (as they are not given any performance linked bonus but have plant-wise wage revision at a set frequency). The annual variable/
performance pay and the salary increment of managers is linked to the Company’s performance in general and their individual performance for the relevant year is measured
against major performance areas which are closely aligned to Company’s objectives.
3.
Mr Butschek joined on February 15, 2016 and the above details pertaining to him are not given as the same are not comparable. There is no change / increase in remuneratin
in FY 2016-17
4. Affirmation that the remuneration is as per the remuneration policy of the Company:
The remuneration for Managing Director (“MD”)/ Executive Directors (“ED”)/ KMP/ rest of the employees is as per the remuneration policy
of the Company.
On behalf of the Board of Directors
N CHANDRASEKARAN
Chairman
(DIN: 00121863)
Mumbai,
May 23, 2017